Why? Because do you think for a moment someone making $1 million in "Capital Gains" doesn't have access to a financial professional to avoid paying any tax?
If you want to tax the wealthy, you'll have to find a different way.
Most of the things I'm aware of, and have been advised of, are things like QSBS (Qualified Small Business Stock) which I've been able to claim once. In that case it was a 5 figure gain. So the tax benefit was not particularly amazing. Yeah, others have been able to benefit much more from this. But it's a pretty narrow situation where you can.
I've recently early exercised some ISOs, so if this proposed tax change didn't pass, I'd have the long term cap gains rate.
I think there are some interesting things you can do with charitable trusts, but I think you're mostly deferring taxes, and I haven't had a situation where it made sense.
But all in all, in the years that I've paid, what I think, are a pretty competent set of financial professionals, I've yet to come across any magical way to avoid paying any taxes. I've actually paid a large amount of taxes and have to ensure my investments and finances are planned so I can pay the tax bill when it comes due.
I think most stories we hear about the wealthy not paying any taxes are either tax fraud, or substantial capital losses that offset all gains.
In the capital loss situation, that's probably a temporary thing for that person, otherwise they won't be wealthy for long.
What it does do is alter the effective tax rate, and even a partial effect is desirable.
Think of this as a patch which fixes a bug that said financial professional would exploit.